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‘The calm before the storm' that is probably the best way to describe price action in FX markets right now. With the Federal Reserve, Swiss National Bank, Bank of England, European Central Bank, and Banxico (central bank of Mexico) meeting starting tomorrow through the remainder of the week, volatility is sure to pick up. Ahead of then, traders are watching the tread water alongside the , neither of whom have seen any meaningful developments on the calendar through the first two days of the week. Meanwhile, the has slipped into negative territory on the day after rising earlier on the back of a hotter than anticipated inflation report for November.
: Tuesday, December 12, 2017 North American Releases
It's the second straight day in which neither Canadian nor Mexican data appear on the North American economic calendar, as well as the second straight day in which there are a plentiful amount of data releases but none of the ‘high' importance variety. Traders will be best-suited paying attention to the news wire for further developments in the US tax reform bill saga as well as the Brexit negotiations.
: Tuesday, December 12, 2017
IG Client Sentiment Index Chart of the Day:
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GBPUSD: Retail trader data shows 51.7% of traders are net-long with the ratio of traders long to short at 1.07 to 1. The number of traders net-long is 5.2% higher than yesterday and 25.5% higher from last week, while the number of traders net-short is 4.8% lower than yesterday and 5.0% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bearish contrarian trading bias.
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by Christopher Vecchio, CFA, Senior Currency Strategist by Paul Robinson, Market Analyst by Paul Robinson, Market Analyst by Christopher Vecchio, CFA, Senior Currency Strategist by Ilya Spivak, Senior Currency Strategist The DailyFX US AM Digest is published every day before the US cash equity open - you can to receive this report in your inbox every day.
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